Real Estate Contract to Closing
Real Estate Contract to Close
When it comes to sales and purchase of homes there are a variety of organizations and individuals involved in each phase of the real estate contract to close. The parties could include the legal representative, surveying company, appraisal company, title company, mortgage broker, financial institution, mortgage underwriter, real estate agents, along with other individuals or companies whose services are essential to the process. Every single entity has their own unique responsibilities and prerequisites with a focus on carrying out an excellent work to expedite the sale process. Nevertheless, their target is very specific and aimed only in their own particular responsibility in the transaction. As the buyer’s broker, my duties entail the management of the activities of every one of these firms and individuals in order to create a smooth real estate contract to closing for the buyers.
Negotiating a Real Estate Purchase
Negotiating a real estate purchase contract could be both thrilling and stressful for buyers during the acceptance and completion of the sale contract. The acceptance of an offer means the start of a new phase of work for buyer’s agent, which includes following up and overseeing all other entities involved in the continuation of the contract process. Also, sometimes the negotiation may continue even after the sales contract is fully executed. The price negotiation may become necessary after the inspection report indicates the need for costly repairs. The appraisal is another factor in triggering another round of the negotiation. Additionally, we may initiate additional negotiations regarding any changes in the terms of the contract, document deliveries, title specifics and home loans. All such tasks need to be completed for a closing to take place and buyers receive the keys to their new property.
Real Estate Contract Process
The following is an example of the many tasks and deadlines involved in each real estate contract process:
- Title Company- Post contract distribution of paperwork to the title company and obtaining a title binder or title commitment. Closing process and distribution of the funds.
- Earnest Money Deposit- Deliver the buyer’s deposit to an escrow account and send the receipt to the buyer.
- Home Inspection- Assisting the buyers with ordering the home inspections from a reputable inspection company. Evaluating the result of the home inspection and taking appropriate actions to remedy any possible issues with the property. Timely distribution of the related documents in case of any issues that might have surfaced after property inspection.
- Appraisal- Coordinating the access to the property by both the home inspector and the appraiser. Following up with the appraisal and discussing the outcome with the buyers
- Mortgage Lender- Working with the mortgage lender and managing distribution of paperwork they might need.
- Contingencies- Supporting the sellers and buyers with any negotiations associated with contingencies and initiating additional negotiation, which may become necessary in the aftermath of inspections or appraisal results. Continuous tracking of all procedures within the title company and keeping all parties informed about all the changes in the contract due to contingencies.
The on-time delivery of necessary documents and monitoring the work performed by different entities is essential to successful completion of any real estate sales contract. A great number of tasks continues without the need to involving the buyers or sellers, but they will be contacted when the process mandates their input, signature, documents or other measures. It is important to emphasize that our main objective is to deliver a smooth closing of each transaction. This is achieved through organizational skills and following up with all the due dates pertaining to the contract. Our main duty is to guide both the sellers and buyer step by step throughout the contract to close process. There is more work involved in completing a purchase contract, but the above-mentioned tasks are the highlights of the necessary steps without going into more details of the sub-tasks. It is our responsibility to follow–up and thoroughly assess each and every stage of the closing process. Making all due-dates and maintaining the transaction on it’s along with preventing any possible default on any terms of the contract are the most crucial aspects of our work. We will keep the real estate contract on target, and devote all the time and assistance necessary to make sure that our sellers or buyers stay protected throughout the contract.
To receive more information about homes in Port St Lucie and neighboring communities please contact one of our experts at:
Phone: (772) 323-6730